Bilta (UK) Ltd (In Liquidation) & Ors v Natwest Markets PLC & Anor

Bilta (UK) Ltd (In Liquidation) & Ors v Natwest Markets PLC & Anor

The Defendants are not permitted to withdraw their formal admissions regarding Epicure Deal 34 after trial and judgment, as to do so would be unjust and prejudicial to the Claimants. The principal sum awarded includes VAT for Epicure Deal 34. Interest is awarded at 2.5% over base rate, simple, not compounded. Costs are to be assessed on the standard basis, not indemnity. Permission to appeal is granted to all parties except as regards GW Deals.

Parties
Claimant: Bilta (UK) Limited (in liquidation) and others; First Defendant: NatWest Markets PLC; Second Defendant: Mercuria Energy Europe Trading Limited
Jurisdiction
England and Wales
Judgment Date
02 October 2020
Procedural Posture
Civil Commercial Fraud / Post Trial Consequential Judgment
Outcome
Defendants held liable; application to withdraw admissions refused; interest and costs awarded; permission to appeal granted (with exception).
Legal Topics
Dishonest Assistance, Fraudulent Trading, VAT MTIC Fraud, Admissions and Withdrawal, Interest on Judgment, Costs Assessment, Permission to Appeal
Commercial Law Fraud Civil Procedure Dishonest Assistance Fraudulent Trading VAT MTIC Fraud Admissions and Withdrawal Interest on Judgment +2 more

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Parties

Bilta (UK) Limited (in liquidation) and others

Claimant

NatWest Markets PLC

First Defendant

Mercuria Energy Europe Trading Limited

Second Defendant

Procedural Posture

Civil Commercial Fraud / Post Trial Consequential Judgment

Legal Issues

  1. 1 Whether the Defendants can withdraw formal admissions regarding Epicure Deal 34 after trial and judgment
  2. 2 Appropriate rate and basis for interest on sums awarded
  3. 3 Whether costs should be assessed on the indemnity basis

Ratio Decidendi

The Defendants are not permitted to withdraw their formal admissions regarding Epicure Deal 34 after trial and judgment, as to do so would be unjust and prejudicial to the Claimants. The principal sum awarded includes VAT for Epicure Deal 34. Interest is awarded at 2.5% over base rate, simple, not compounded. Costs are to be assessed on the standard basis, not indemnity. Permission to appeal is granted to all parties except as regards GW Deals.

Court Disposition

Defendants held liable; application to withdraw admissions refused; interest and costs awarded; permission to appeal granted (with exception).

Orders

  • Defendants to pay Claimants £45,049,882.60 plus interest at 2.5% over base rate from 6 October 2015 to 2 October 2020 (£6,686,500.30)
  • Defendants to pay Claimants' costs on the standard basis, with an interim payment of £8 million on account of costs